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Positive economic data helped set the tone early for the market.
Empire manufacturing and the Home Builders confidence survey both came
in better than expected. By noon, the high of the day was set and
AAPL’s roll over pushing stocks lower. Volume jumped on the day over on
the NYSE giving the S&P 500 another day of distribution. The
magnitude of the roll-over gives the NASDAQ a distribution day, but it
is only the second day. AAPL was the big disappointment of the day with
GIGANTIC volume the stock has run into major resistance and does spell a
bit of trouble for the market overall. While one day doesn’t make a
market we are certainly on watch with this uptrend, this type of action
is not what you want to see.
There are many reasons to like AAPL as a company. The stock is much
different than the company itself. Removing emotion and opinions the
move in AAPL today does resemble a possible top. Let the hate comments
begin! In all honesty, it is too difficult to say AAPL’s run is
completely over, but for the time being it appears the upward momentum
has come to a halt.
It will take more than one day to knock this market off its kilter.
Cluster in a few more distribution days it would certainly mark the end
of the rally. A more likely scenario is a 3-5% pull back to digest all
the recent gains we have seen from the market since December. One quick
look at the QQQs and this rally has been non-stop! A normal reaction
to this move is certainly warranted. If you have an exit strategy in
place you already know what you are going to do. If you do not, the big
question is why you haven’t put one in place. Get one.
Stay the course and stick with the game plan. We have had a nice run
and perhaps it is time we see a pullback. What happens is anyone’s
guess, but with a plan we’ll profit from it.
why dont u tell us what u got.
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